Insurance CRM: Developing a High Performance Approach to Robotic Process Automation

Insurance CRM: Developing a High Performance Approach to Robotic Process Automation

Insurers are aiming to build a responsive, high growth business while at the same time, optimize costs.

In pursuit of this goal, many insurance firms are deploying the phrase of 'Robotic Process Automation' (RPAs) like cluster bombs. 

Is it worth the bang?

Real time performance of RPAs back yes. They are empowering insurance firms to emulate transactional and administrative tasks that are rule based, repetitive and frequent. 

However, before rushing head on into RPAs, insurers will benefit by identifying mature operational processes are high volume with less complexity.  They are the prime candidates for automation. Structured data inputs and simplified processes also ensure that operational automation scale more quickly with less dependency on third party tools. 

Operational instance with lower maturity risk becoming too orthodox in finding unconventional approach to delighting customers.  They need RPAs to work alongside digital tools like image processors with OCR, and standalone business process modellers (BPM). Such integrations will help processes tackle unstructured data, digitize documentation and simplify the right insurance processes. 

Insurance process automation journey

Insurers can reap major benefits while automating activities across end to end value chain consisting of...

1. Sales and distribution
Bots powered by RPAs can create sales performance scorecards and push notifications to agents anywhere and on any device through insurance CRM. RPAs can help conduct credit, compliance and legal checks. They can also act as enablers to straight through processing (STPs) and online account maintenance.

2. Underwriting and premium pricing
RPAs can fetch external data through seamless integration for clearance and registration processes. By auto updating systems and fetching client information from multiple systems,including CRM for insurance, RPAs can be used to determine renewal premiums.

3. Managing policies and servicing
You can deploy RPAs to empower customers to update their personal details instantly without manual intervention. Insurers can set automated rules that can reject or cancel policies if a payment is not made in a certain period of time, for instance, 21 days. RPAs can identify premium discrepancies and reconcile if needed. 

4. Claims processing
RPAs can help process bulk payments with pre-approved expense rules. It can automate manual submission of claims and inputing of First Notice of Loss (FNOL) into multiple systems. Additionally, RPAs can automate notifications to loss adjusters. 

5. Finance and accounting
RPAs can help automate daily bank reconciliations. It can also quickly process low risk money out transactions.

Additionally, RPAs can be used to keep track of ever changing privacy rules, tax laws and other regulations. Insurers can protect their businesses interest by automating regulatory compliance. Cancellation of insurance policies can become hassle free and quick with RPAs in place

With great demand comes great expectations
RPAs are expected to shake insurers out of their complacency to meet customer needs. With the right approach, insurers can enjoy...

a. A substantial impact on back office functions like applications handling, claims processing and data entry.

b. Automation and augmentation of insurance processes like image classification for claims, text analytics for servicing customer queries.

c. A scalable, flexible and responsive workforce, thanks to freeing up of routine process activities.

d. Tangible financial benefits that can be reinvested in emerging digital technologies that can power personalized customer relationships

To conclude:
A measured and top down approach guarantee high quality performance in RPAs. It involves changing rigid processes in an agile, controlled manner. RPAs improves productivity and brings continuous improvement in SLA performance. Operations then become capable agents for handling exceptions and reducing failures.